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MANUFACTURING + TECH-
PIF’s Alat launches business units for electrification, AI infrastructure: Alat, the advanced manufacturing investment platform launched earlier this year by KSA’s Public Investment Fund (PIF), has opened the doors at two units focused on electrification and artificial intelligence infrastructure, according to a statement. The new units will “address unprecedented global demand for AI infrastructure and the urgent need to support global energy transition by strengthening electricity grid technology.”
The electrification business unit will work on advancing transmission and distribution technologies with a focus on connecting renewable energy sources to the grid, according to the statement. Its scope of work will include advanced technologies for gas and hydrogen generation and compression. The AI infrastructure unit aims to develop AI manufacturing solutions, including network and communications equipment, servers, data center storage and networking equipment, industry 4.0 computing, and others.
DEBT WATCH-
The Saudi Fund for Development (SFD) is set to fund a water treatment and biogas energy general project plant in El Salvador under a freshly-inked MoU, it said in a statement released on Friday. SFD said the MoU “represents a step towards” the financing of the planned project on the Acelhuate River. It said a development loan will be provided by the SFD, with an agreement set to be signed later. No financial information or timeline for the project were disclosed.
ELECTRIC VEHICLES-
Lucid + Kacst team up for EV technologies research: PIF-backed EV maker Lucid signed a MoU with King Abdulaziz City for Science and Technology (Kacst) to work together on joint research for EV infrastructure and aerodynamics, according to a statement (pdf) released on Thursday. The agreement will see them use Kacst facilities to study, test and evaluate EV batteries, autonomous driving and artificial intelligence technologies. They will also assess the performance of EVs in regards to the local weather. The joint research is scheduled for launch in 3Q 2024, according to the statement.
BACKGROUND-The PIF’s investments in a lower-carbon future include national electric vehicle brand Ceer and investments in US-headquartered Lucid Motors among others. Ceer awarded in March a SAR 5 bn construction contract for its electric vehicle complex to local contractor Modern Building Leaders. It expects to complete works at its electric vehicle complex within two years. Lucid inaugurated last year its first overseas production facility in King Abdullah Economic City (Kaec). It plans to produce 155k EVs yearly in the Kingdom once it hits full capacity here in 2025. It said in March that it is raising USD 1 bn in capital from PIF unit Ayar Third Investment. The potential proceeds will finance the company’s capex and working capital, among other things.
Abu Dhabi + Alfahim to partner on new EV industrial center: The Abu Dhabi Department of Economic Development (ADDED) and car dealer Alfahim Group have preliminarily agreed to cooperate on establishing a new industrial center aimed at accelerating the commercialisation of the electric vehicle sector, according to a statement released last week. The center will include a manufacturing plant for electric buses and trucks, as well as for energy storage and charging technology. The groups will also provide training programs for those seeking work in the EV sector.
That’s not the only UAE EV development in the works: German e-Roaming company Hubject inked an agreement with EV company Shahin to create a platform connecting all connecting charge point operators (CPOs) in the UAE, according to a statement from last week. The current EV charging infrastructure is scattered across several platforms but Hubject’s new interface will allow users to access, locate, and pay for charging services using the operator of their choice.
M&A WATCH-
Taqat Mineral wants all of Bayan Al Naql: Taqat Mineral Trading signed a non-binding MoU to fully acquire scrap recycling firm Bayan Al Naql, it said in a disclosure to Tadawul on Thursday. The four-month MoU sees both parties initiating discussions on the possibility of a transaction. A binding agreement should be finalized before 1 September unless both parties agree to an extension, according to the disclosure. No further details were disclosed.
REMEMBER— Taqat Mineral rang the bell on Nomu in March after floating a 20% stake.
About Taqat Mineral Trading: Based in Riyadh, Taqat Mineral Trading is a scrap metal recycling company. The company transforms recyclable metals sourced from outdated products and structures into raw materials which can be reused in the production of new items.
DECARBONIZATION-
Emirates partners with AIA: UAE’s airline company Emirates has partnered with Cambridge University’s Aviation Impact Accelerator (AIA) to fund research and development projects aimed at reducing fossil fuels’ climate impact in commercial aviation, according to a statement published last week. The collaboration marks the airline’s first investment allocated from its USD 200 mn Sustainability Fund. The AIA is co-led by the University of Cambridge’s Whittle Laboratory and Institute for Sustainability Leadership, and is an international team of experts developing tools to support the transition to sustainable aviation.
What they’ll do: Emirates will join other industrial partners including Boeing and Rolls-Royce and will explore developing tools such as the Resource to Climate Comparison Evaluator, Journey Impact Simulator Tool, and the Climate Response to Aviation Future Scenarios Tool. These methods will help the airline evaluate and simulate the impact of various fuels, technologies, and operational changes on aviation’s climate impact, the statement adds.
GREEN FINANCE-
Tunisia is getting USD 60 mn to support SMEs, including those active in the green sector: The Islamic Development Bank (IsDB) signed a joint financing agreement worth USD 60 mn with Tunisia to support SMEs in various sectors including renewable and low-carbon energy, Tunisian state news agency TAP reported last week. The agreement sees the Jeddah-based bank providing Tunisia USD 50 mn to support SMEs and a USD 10 mn grant under a partnership with the United Nations Industrial Development Organisation (Unido) for a similar purpose.
WASTE-TO-ENERGY-
The Dubai Electricity and Water Authority (Dewa) has launched a tender for the development of the 6-12 MW Al Qusais landfill gas to energy project which will conclude tomorrow, it said in a statement (pdf). The Quais power plant will utilize landfill gas from Al Qusais landfill, with gas extraction falling under Dewa’s scope.
The details: Dewa will purchase power generated by the project through a long-term power purchase agreement. The developer will also co-own the project’s company alongside the Dubai Green Fund.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Shell Oman breaks ground on hydrogen refueling station: Shell Oman laid the first stone of Oman’s first green hydrogen station on Sunday. The station has a daily on-site production capacity of 130 kg of green hydrogen and will be powered by a 120kW solar plant that will also power EV charging points, a wastewater irrigation system, and a vapor recovery system. (Muscat Daily)
- Kuwait’s NBK joins PCAF: The National Bank of Kuwait (NBK) has joined the Partnership for Carbon Accounting Financials (PCAF), becoming the first bank in Kuwait and one of six in the MENA region to do so. The PCAF aids banks in measuring and disclosing the greenhouse gas emissions associated with their lending and investment portfolios. (Statement)
- Abu Dhabi launches Carbon Calculator: Abu Dhabi’s Department of Culture and Tourism launched its Carbon Calculator allowing hotels to track and quantify carbon emissions and energy and water consumption with the aim of decarbonizing the tourism industry. (Wam)
